The owners of Vantage Oak Park, a 21-story apartment building at 150 Forest Ave., are hoping to sell it.
According to commercial real estate news outlet CoStar, the building, with about 270 units, last sold for $102.75 million in 2018, when Magnolia Capital and Goldman Sachs bought it.
CBRE, a commercial real estate company, has been hired to sell the building now, according to CoStar, which also reported Vantage Oak Park could sell for $90 million or more. That would be enough to cover a $66.6 million debt that comes from a balance on a commercial mortgage-backed securities loan.
But it would not be enough to prevent a loss for Magnolia and Goldman. The official asking price has not yet been published.
John Jaeger, CBRE executive vice president, said their client instructed the team to decline to comment. The sellers are represented by Jaeger and other CBRE brokers Justin Puppi, Jason Zyck and Danny Zeboski.
Oak Park is considering ways to increase housing affordability and diversity to address some issues identified as part of a Metropolitan Mayors Caucus housing study. CoStar reports the owners are hoping the lack of new housing supply in the area will increase the selling price.
This isn’t the first time Magnolia and Goldman have tried to sell. The Real Deal reported in 2022 that the owners tried to sell after winning a tax appeal, dropping the appraised value of the property from $90 million to $54 million.
The building is almost 97% leased, according to CoStar. The new owner could increase rent prices after implementing more upgrades and amenities, which The Real Deal reports CBRE is encouraging to make potential buyers see it as a good investment.
Vantage Oak Park leases commercial spaces to Cooper’s Hawk winery and Edward-Elmhurst Health medical clinic.